FHA Loans

How FHA Loans Can Help You

The Federal Housing Administration is the largest insurer of mortgages in the world. They offer the most competitive loans for first-time home buyers and those who are budget-conscious. The FHA guarantees the loan which means that they promise to pay lenders if a borrower defaults on an FHA loan. To fund this, they charge borrowers a fee called a mortgage insurance premium. There is an upfront cost and an ongoing monthly fee which can be refinanced.

Benefits of FHA loans

  • FHA mortgage rates are very low
  • The loan is assumable
  • No prepayment penalty
  • Gifts can be put towards the down payment and closing costs

Review the FHA loan guidelines:

  • The minimum down payment is only 3.5%.
  • The minimum credit score is 580.
  • There is no minimum income requirement.
  • The FHA loan limit for a single-family home in San Diego is $562,350.

Contact Us

If you are interested in applying, please call us at (858) 768-2692 or fill out our online application. To get into contact with the nearest FHA office, click here.

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